Funds Held for Clients and Corporate Investments (Tables)
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6 Months Ended |
Nov. 30, 2023 |
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| Funds Held for Clients and Corporate Investments [Abstract] |
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| Funds Held for Clients and Corporate Investments |
Funds held for clients and corporate investments were as follows:
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November 30, 2023 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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2,150.8 |
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$ |
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— |
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$ |
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— |
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$ |
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2,150.8 |
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AFS securities: |
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Asset-backed securities |
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96.7 |
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0.1 |
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(1.4 |
) |
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95.4 |
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Corporate bonds |
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1,464.5 |
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1.7 |
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(37.5 |
) |
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1,428.7 |
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Municipal bonds |
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1,100.5 |
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0.1 |
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(105.0 |
) |
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995.6 |
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U.S. government agency and treasury securities |
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818.1 |
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0.1 |
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(45.3 |
) |
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772.9 |
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Total AFS securities |
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3,479.8 |
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2.0 |
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(189.2 |
) |
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3,292.6 |
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Other |
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32.9 |
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1.9 |
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(2.5 |
) |
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32.3 |
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Total funds held for clients and corporate investments |
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$ |
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5,663.5 |
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$ |
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3.9 |
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$ |
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(191.7 |
) |
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$ |
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5,475.7 |
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May 31, 2023 |
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Gross |
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Gross |
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Amortized |
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unrealized |
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unrealized |
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Fair |
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In millions |
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cost |
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gains |
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losses |
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value |
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Type of issue: |
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Funds held for clients' money market securities and other
restricted cash equivalents |
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$ |
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863.1 |
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$ |
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— |
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$ |
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— |
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$ |
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863.1 |
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AFS securities: |
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Asset-backed securities |
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88.1 |
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— |
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(1.4 |
) |
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86.7 |
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Corporate bonds |
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1,468.3 |
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3.7 |
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(31.1 |
) |
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1,440.9 |
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Municipal bonds |
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1,091.3 |
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0.1 |
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(105.3 |
) |
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986.1 |
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U.S. government agency and treasury securities |
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788.1 |
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0.3 |
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(41.6 |
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746.8 |
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Variable rate demand notes |
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344.1 |
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— |
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— |
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344.1 |
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Total AFS securities |
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3,779.9 |
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4.1 |
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(179.4 |
) |
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3,604.6 |
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Other |
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30.1 |
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1.1 |
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(2.9 |
) |
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28.3 |
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Total funds held for clients and corporate investments |
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$ |
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4,673.1 |
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$ |
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5.2 |
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$ |
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(182.3 |
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$ |
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4,496.0 |
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| Classification of Investments on Consolidated Balance Sheets |
The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets was as follows:
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November 30, |
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May 31, |
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In millions |
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2023 |
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2023 |
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Funds held for clients |
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$ |
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5,439.7 |
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$ |
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4,118.8 |
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Corporate investments |
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34.4 |
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373.4 |
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Long-term corporate investments |
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1.6 |
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3.8 |
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Total funds held for clients and corporate investments |
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$ |
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5,475.7 |
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$ |
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4,496.0 |
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| Securities in Unrealized Loss Position |
AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
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November 30, 2023 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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unrealized |
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Fair |
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In millions |
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losses |
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value |
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losses |
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value |
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losses |
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value |
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Type of issue: |
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Asset-backed securities |
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$ |
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(0.5 |
) |
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$ |
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63.0 |
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$ |
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(0.9 |
) |
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$ |
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18.2 |
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$ |
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(1.4 |
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$ |
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81.2 |
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Corporate bonds |
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(12.3 |
) |
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836.9 |
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(25.2 |
) |
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477.1 |
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(37.5 |
) |
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1,314.0 |
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Municipal bonds |
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(4.8 |
) |
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71.2 |
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(100.2 |
) |
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920.3 |
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(105.0 |
) |
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991.5 |
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U.S. government agency and treasury securities |
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(5.5 |
) |
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247.5 |
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(39.8 |
) |
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520.7 |
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(45.3 |
) |
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768.2 |
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Total |
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$ |
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(23.1 |
) |
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$ |
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1,218.6 |
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$ |
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(166.1 |
) |
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$ |
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1,936.3 |
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$ |
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(189.2 |
) |
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$ |
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3,154.9 |
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May 31, 2023 |
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Securities in an unrealized
loss position for less than
twelve months |
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Securities in an unrealized
loss position for more than
twelve months |
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Total |
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Gross |
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Gross |
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Gross |
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unrealized |
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Fair |
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unrealized |
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Fair |
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unrealized |
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Fair |
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In millions |
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losses |
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value |
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losses |
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value |
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|
losses |
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|
value |
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Type of issue: |
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Asset-backed securities |
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$ |
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(0.1 |
) |
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$ |
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54.2 |
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$ |
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(1.3 |
) |
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$ |
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23.3 |
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$ |
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(1.4 |
) |
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$ |
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77.5 |
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Corporate bonds |
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(5.9 |
) |
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652.0 |
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(25.2 |
) |
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382.7 |
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(31.1 |
) |
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1,034.7 |
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Municipal bonds |
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(5.9 |
) |
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86.7 |
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(99.4 |
) |
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889.0 |
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(105.3 |
) |
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975.7 |
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U.S. government agency and treasury securities |
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(3.3 |
) |
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199.6 |
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(38.3 |
) |
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457.9 |
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(41.6 |
) |
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657.5 |
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Total |
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$ |
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(15.2 |
) |
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$ |
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992.5 |
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$ |
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(164.2 |
) |
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$ |
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1,752.9 |
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$ |
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(179.4 |
) |
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$ |
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2,745.4 |
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| Realized Gains and Losses from Sale of Available-for-sale Securities |
Realized gains and losses from the sale of AFS securities were as follows:
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For the three months ended |
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For the six months ended |
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November 30, |
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November 30, |
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In millions |
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2023 |
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2022 |
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2023 |
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2022 |
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Gross realized gains |
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$ |
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0.0 |
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$ |
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0.0 |
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$ |
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0.0 |
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$ |
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0.1 |
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Gross realized losses |
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— |
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(0.0 |
) |
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(0.0 |
) |
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(0.0 |
) |
Net realized (losses)/gains |
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$ |
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0.0 |
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$ |
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(0.0 |
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$ |
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(0.0 |
) |
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$ |
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0.1 |
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| Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
The amortized cost and fair value of AFS securities that had stated maturities as of November 30, 2023 are shown below by expected maturity.
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November 30, 2023 |
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Amortized |
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Fair |
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In millions |
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cost |
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value |
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Maturity date: |
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Due in one year or less |
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$ |
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165.8 |
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$ |
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163.7 |
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Due after one year through three years |
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1,060.6 |
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1,001.8 |
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Due after three years through five years |
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1,880.3 |
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1,766.7 |
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Due after five years |
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373.1 |
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360.4 |
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Total |
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$ |
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3,479.8 |
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$ |
|
3,292.6 |
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